Forward contract with fair value hedging   LO10 On 1 March 2021, Fred Ltd, an Australian company that has A$ as its functional currency, enters into a firm commitment with a foreign supplier to buy an equipment for US$100 000. The ownership of the equipment and the consideration for the purchase are transferred on 31 August 2021. On the same day as entering the firm commitment, Fred Ltd enters into a forward exchange contract to buy US$100 000 on 31 August 2021. Assume a discount rate of 0% for fair value calculations. Relevant exchange rates are as follows. Spot rate Forward rate (for 31/8/2021) 1 March 2021 US$1 = A$1.33 US$1 = A$1.36 30 June 2021 US$1 = A$1.34 US$1 = A$1.38 31 August 2021 US$1 = A$1.35 US$1 = A$1.35 Required Prepare the necessary entries for Fred Ltd up until and including 31 August 2021 in accordance with AASB 121/IAS 21.